Canaan Creative, one of the world’s leading manufacturers of crypto mining ASICs, has reportedly filed a confidential application for initial public offering (IPO) in the United States, in a bid to raise up to $200 million from investors.
First reported in IFRAsia Wednesday, people with knowledge of the matter told the news outlet the company had filed a confidential application, after its previous public attempts to IPO in different jurisdictions.
Back in January, a report in Bloomberg had said the firm was already in the early stages of talks over an IPO in New York, with the suggestion that it could be launched later this year.
The confidential filing process kick starts a three- to four-month period for the U.S. Securities and Exchange Commission (SEC) to review the listing proposals. If the regulator approves the deal, Canaan will become the first mining equipment manufacturer to be listed on a U.S. exchange.
Canaan Creative previously intended to IPO in Hong Kong with plans to raise over $1 billion, and had filed an application with the stock exchange ahead of a proposed listing. However, the listing was allowed to lapse, and the IPO failed to materialize.
A further application for a listing in Shanghai was hinted in March, though reports at the time also said the firm was looking to the United States. If the reports are to be believed, they would confirm that Canaan is set to become the first company of its kind to become publicly listed via an IPO.
Several other cryptocurrency and blockchain firms have obtained stock exchange listings around the world, by so-called ‘reverse-mergers’ — takeovers of currently listed companies to gain a listing without the need for a further regulatory approval process.
Canaan’s proposals would see them beat rivals to the markets. Its larger rival, Bitmain too has been striving towards an IPO, with its own lapsed application for an IPO in Hong Kong. Bitmain is also thought to be considering a U.S. launch, and will note with interest the Canaan developments reported.
If the regulator gives the proposals the green light, markets will be able to invest from the end of this year.
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